The 2024 ranking of on-chain revenue is out! Ether's transaction fee revenue has increased to 2.48 billion pounds, and Solana has surged by 2,838%.

Despite the Ethereum (Ethereum) Cancun upgrade (Dencun Upgrade) in March last year, the transaction cost drop, but the revenue from fees has increased instead of decreased, still maintaining the top spot in on-chain revenue. In addition, Tron and Solana have also seen significant growth in revenue and become the focus of attention this year.

Ethereum transaction fee income increased to 2.48 billion USD, ranking first

According to the CoinGecko report on 1/21, Ethereum's transaction fee revenue reached $2.48 billion in 2024, a 3% increase compared to $2.41 billion in 2023, making it the blockchain with the highest revenue last year.

Despite the drop in Transaction Cost due to the upgrade, Ethereum still maintains revenue growth with strong on-chain activities and user demand. However, its performance is starkly contrasted with the price of Ether (ETH) falling short of expectations.

The price performance of Ether is still mediocre.

(Sun Yuchen self-recommends to lead Ethereum and the foundation: I will take the helm, and ETH soars to $10,000)

Global transaction fee revenue rankings, Tron and Bitcoin ranked second and third

In addition to Ethereum, Tron has become the second highest blockchain in terms of transaction fee income, with an annual income of 2.15 billion US dollars, an annual growth rate as high as 116.7%. Bitcoin ranks third, with transaction fee income reaching 922 million US dollars in 2024, a 16% increase from last year.

The report also mentioned that Solana performed well, with a staggering 2,838% increase in transaction cost revenue, from $25 million in 2023 to $750 million in 2024, mainly driven by the meme coin craze, which led to Solana's active wallet count surpassing 100 million in October last year.

Challenges continue after the Ethereum upgrade, with controversy over income and governance.

In the first quarter of 2024, Ethereum achieved its highest quarterly revenue in two years, reaching $1.17 billion, mainly due to a surge in on-chain activities caused by multiple airdrop programs. However, the Cancun upgrade has also raised concerns about the revenue of the mainnet.

Ethereum co-founder Vitalik Buterin announced a major restructuring of the foundation's leadership on 1/18 to strengthen communication with ecosystem developers. However, Ethereum core developer Eric Conner announced his departure from Ethereum on 1/21 due to controversy over his opposition to Vitalik's reform of the foundation structure.

(Community forces Ethereum Foundation director to resign, Vitalik angrily retorts: The decision-making power is in my hands!)

L1 Transaction Cost Revenue Surpasses 6.6 Billion

Overall, the total transaction fee income of 21 L1 blockchains globally reached 6.6 billion US dollars in 2024, while L2 blockchains contributed 294 million US dollars. With the surge in on-chain user activity and continuous technological innovation, transaction fees have become an important indicator for measuring blockchain activity.

The future upgrades and ecological expansion of Ethereum and other blockchains depend on whether they can further balance transaction fee income and user costs, which is a key factor affecting market development.

The income ranking of the chain in 2024 is released! Ethereum's transaction fee income has increased to 2.48 billion pounds, and Solana has surged by 2,838%. It first appeared in ChainNews ABMedia.